Yoox Net a Porter Group reports 21.5% revenue rise
The newly-merged Yoox Net a Porter Group reported a 21.5 per cent revenue rise to £850m for the nine months to September, with cost savings from the deal expected to reach £60m. Milan-listed Yoox agreed to buy online luxury website Net-a-Porter in an all-share deal in March.
The group said sales at its multi-brand in-season business recorded a sales jump of 39 per cent to £457m in the period, predominantly due to Net-a-Porter.com and menswear site Mr Porter.
Group net profit was £18.5m in the period and orders rose 21 per cent to 5m with an average value of £251. Customer numbers rose 16 per cent to 1.4m.The cost savings from the merger of £60m are ahead of the originally estimated £42.5m.
Former Net-a-Porter owner Swiss-based Richemont is now the comb-ined groups’ largest shareholder. Yoox, run by Italian Federico Marchetti, operates its own website of discount past-season designer clothes and runs websites on behalf of brands such as Armani and Valentino.